KUALA LUMPUR (June 26): Hong Leong Investment Bank (HLIB) Research has initiated coverage on Hektar REIT at 67 sen with a “Hold” rating and target price (TP) of 60 sen based on FY2024F DPU at a targeted yield of 11%.
In a note on Monday (June 26), the research said it projects Hektar’s earnings to grow by 9.5% for FY2023F, 8.2% for FY2024F and 3.5% for FY2025F — mainly driven by expansion in occupancy rate offsetting the slight negative rental reversion.
“Our forecasts imply a divvy yield of 9.0%/9.8%/10.1% for the corresponding periods.
“We opine the stock is commanding a balanced risk to reward profile as its attractive divvy yield should help to alleviate some downside risks arising from the retail space oversupply woes,” it said.
Source: TheEdge - 27 Jun 2023
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